For days now, Jim Cramer has watched the market fall in love with high-growth stocks and dump value plays, especially the industrials. Money has cascaded out of the companies that need stronger economic growth and into consistent growing plays like Clorox and fast growers like Amazon and biotechs.

That cycle came to a sudden end on Tuesday. In a move of craziness, there was a dramatic rotation out of the growth stocks and into value stocks. The rotation was even more evident when Chipotle reported, and Cramer didn't think its mild earnings were anything to write home about.

"Many of the industrials got beaten down, to the point where they sported juicy dividend yields far greater than you would get from Treasury bonds or the consumer packaged goods plays," the "Mad Money" host explained.

So, at the end of the day, it was clear to Cramer that the rotation was prompted by the fact that some stocks just went down too much; investors got negative on the group, and they roared back based on the negative news. For once, it wasn't positive news that prompted them to rebound.

"Proof that this market goes into hate mode and only lets go when the disgusted holders have already sold, leaving behind a hardened shareholder base that can tolerate the pain," Cramer said.

IBM's stock was absolutely pummeled on Tuesday, with the stock plunging 5 percent after the company reported yet another disappointing quarter of shrinking revenue growth and a brutal cut to its full-year earnings forecast. Cramer knows the company is trying to turn itself around, but is that even possible with such negative sentiment on Wall Street?

After this quarter, it was pretty clear to Cramer that IBM deserves to go lower. Even the company's 3.6 percent yield can't protect a shareholder when the stock gets obliterated every time earnings season rolls around.

So now the question is, how low can IBM go before it finds a bottom?

To find out Cramer spoke with Bruce Kamich, a chartered market technician, professor at Baruch College and colleague of Cramer's at RealMoney.com.

Based on the way IBM has repealed its previous rally, Kamich thinks that the next leg lower could take the stock to $116. That was because years ago, IBM rallied almost in a straight line to $148 from $116.

"My view? Even though I wouldn't go near IBM after what the company told us last night, I think it is possible Kamich might be getting excessively bearish," Cramer said.

Even with crude lingering in the mid-$40s, Cramer does recognize that not all oil producers are challenged with overstretched balance sheets and dangerous stocks. There are still high-quality independent oil producers out there that are doing everything they can to take control of their destiny.

Carrizo Oil & Gas is a $2 billion independent exploration and production company with many low cost assets in the Eagle Ford shale, Permian Basin in Texas, Niobrara in Colorado, along with the Utica and Marcellus shales in Ohio and Pennsylvania.

The company has been aggressively cutting costs, while doubling down on its most productive and cost effective wells. It also did a large secondary offering last week in order to tighten up its balance sheet, selling more than 6.3 million shares at $38.50

Could the stock have more room to run? To learn more, Cramer spoke with Carrizo President and CEO Chip Johnson.

"I think that there are some big companies that might have stretched too far. You're right, in May we were under a lot of pressure to add rigs because oil was starting to peak above $60 a barrel, and fortunately, we didn't fall for that. We said we needed to see $65 for a long time and understand the fundamentals for it," Johnson said.

Is the price worth the pain?

Johannes Eisele | AFP | Getty Images

A KFC restaurant in Shanghai.

"n many ways it is just better to go with the stocks of companies that never got to this difficult point in the first place"-Jim Cramer

When a company has slow growth, Cramer expects a CEO to whip into action and respond to the challenge with a turnaround plan. IBM, SanDisk, Wal-Mart and Yum Brands are four companies all facing the problem of slowing growth,and they have elected four very different ways to handle it.

That is why Cramer decided to evaluate each turnaround strategy and find out if any of the companies stand a chance to get back into the high-growth game.

Ultimately he found that while all of these strategies to deal with slowing growth are credible, only SanDisk had a quick payoff. The rest are for patient shareholders.

"In many ways it is just better to go with the stocks of companies that never got to this difficult point in the first place," Cramer said.

After all, companies that don't require a turnaround could provide both short and long-term performance in the long run.

With the rotation of stocks happening, Cramer wondered if it is time to start circling back to some of speculative health care stocks that have been absolutely obliterated in recent months. At a certain point, they could represent attractive value.

MiMedx is a small-cap company that is focused on developing regenerative biomaterials. It takes donated human placenta tissue and turns it into skin grafts that can help the body recover from all sorts of wounds resulting from diabetes, military injuries, surgical incisions, burns and even cancer. The company has found that wounds heal 60 percent faster when doctors use placenta-based skin grafts.

After skyrocketing for multiple years, the stock peaked at about $13 a share in July and then has been slammed ever since, down 32 percent from its peak. The stock was hit even harder when the company gave what many investors interpreted as disappointing revenue guidance for the fourth quarter, even though its third-quarter results were robust.

Has the stock been punished enough? To learn more, Cramer spoke with MiMedx Chairman and CEO Pete Petit.

"I think we probably disappointed because we were talking strategic matters in terms of new products, and they were focused on talking about the fourth quarter. We've got 16 straight quarters of beating or exceeding revenue growth," Petit said.

In the Lightning Round, Cramer gave his take on a few caller favorite stocks:

Accuray Inc: "Good spec...look when we get into these companies that do these kinds of machine for radiation therapy and radio surgery, I always think of ISRG [Intuitive Surgical], which, by the way, reported a really good number."

Quanta Services: "I didn't like that quarter. I was surprised that they missed. That was just disappointing."